Mergers & Acquisitions

U.S. judge rules Qualcomm practices violate antitrust law

Credit: REUTERS/MIKE BLAKE

Qualcomm Inc unlawfully suppressed competition in the market for cellphone chips and used its dominant position to exact excessive licensing fees, a federal judge ruled on Tuesday.

May 22 (Reuters) - Qualcomm Inc QCOM.O unlawfully suppressed competition in the market for cellphone chips and used its dominant position to exact excessive licensing fees, a federal judge ruled on Tuesday.

Qualcomm did not immediately respond to a Reuters request for comment.

Shares of the company fell 12% to $68.40 in trading before the bell on Wednesday.

(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Arun Koyyur)

((Sayanti.Chakraborty@thomsonreuters.com; +1-646-223-8780; Reuters Messaging: sayanti.chakraborty.thomsonreuters@reuters.net))

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